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Crowdfunding applied to Real Estate – Risks and Opportunities
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2016 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Crowdfunding av Fastigheter – Risker och Möjligheter (Swedish)
Abstract [en]

Due to the low interest rates and uncertainty in the economic outlook investors seek

alternative investments to achieve a satisficing return. Real estate is the third largest asset

class and represent a large amount of physical capital with a unique risk. For an investor's

utility-maximizing real estate should be a natural part of a portfolio. The thresholds for

investing in real estate has generally been very high but thanks to digitisation, the emergence

of Internet-based platforms facilitated and enabled capital seekers to exploit small private

investors. The intermediate method is called crowdfunding. Through observations, interviews,

questionnaires to potential investors in crowdfunding for real estate and literature studies, a

triangulation from an investor perspective has allowed an investigation of crowdfunding of

real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest

growth in recent years. The first crowdfunding platform within real estate on the Swedish

market was introduced in 2014. So far, projects presented on the platform have been

successful and generated returns. For an investor, the phenomenon also implies risks. Today

there is no legal definition of crowdfunding and the market is only partially regulated. In

many respects, the consumer protection is not equivalent to the ones available for regulated

investment vehicles. The new phenomenon also implies limited liquidity and lack of a

secondary market. Crowdfunding is facing both challenges and opportunities in the future.

Abstract [sv]

På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare

alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För

en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en

portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack

vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och

möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden

kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom

observationer, intervjuer, en enkätundersökning med potentiella investerare i

fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares

perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom

crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren.

Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden

under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika

och generat avkastning men för en investerare innebär crowdfunding också en hel del risker.

Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I

flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade

investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.

Place, publisher, year, edition, pages
2016. , 55 p.
Series
TRITA-FOB, ByF-MASTER-2016:42
Keyword [en]
Crowdfunding, Crowd financing, Tessin, Real estate investment, Investment risk
Keyword [sv]
Crowdfunding, Gränsrotsfinansiering, Tessin, Fastighetsinvestering, Investeringsrisk
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-190161Archive number: 448OAI: oai:DiVA.org:kth-190161DiVA: diva2:951865
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Available from: 2016-08-10 Created: 2016-08-10 Last updated: 2016-08-10Bibliographically approved

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